G20 Pledges to Tackle Tax Evasion Among the Ultra-Wealthy

The G20 has committed to ensuring that ultra-high-net-worth individuals contribute fairly to global tax systems, emphasizing the importance of combating aggressive tax avoidance and evasion, TRTWorld reported today.

In a recent declaration, the group acknowledged that such practices undermine the effectiveness of progressive taxation, calling for enhanced compliance with domestic tax obligations.

While the G20 recognized the need for action, specific methods for achieving this goal remain unclear. Member countries are encouraged to work independently or through capacity-building initiatives to improve tax revenue collection.

Discussions will continue in G20 forums, with input from international organizations and experts. However, skepticism persists regarding the feasibility of a global “billionaire tax,” as some European officials highlight the EU’s limitations in collective taxation. Despite initial support from France for a minimum wealth tax, resistance from Germany complicates the prospects for a unified approach.